South Korea's Aug inflation hits five-month high as fresh food prices soar

[SEOUL] South Korea's annual inflation in August accelerated to its fastest in five months as the longest monsoon on record pushed up fresh food prices, data showed on Tuesday, though it remained subdued on weak domestic demand amid the coronavirus pandemic.

The consumer price index (CPI) jumped 0.7 per cent from a year earlier in August, Statistics Korea data showed, versus a 0.3 per cent rise in July and beating a median 0.4 per cent rise tipped in a Reuters survey.

The index rose 0.6 per cent in August on a monthly basis, faster than a prediction of a 0.2 per cent rise. In July, it was unchanged.

The core CPI was unchanged at 0.4 per cent rise from a year earlier.

REUTERS